Data suggests that more than 56 million Americans did some type of freelance work in 2018. In addition, around three-quarters of the entire workforce would change jobs if the new ones offered the ability to work remotely, even if it came with no increase in pay. However, while working as a freelancer might seem appealing to most, some aspects require to be considered at the very onset. The lack of stability that typically comes with a full-time is an example in case.
Are You Cut to Be a Freelancer?
An easy way to determine if you have what it takes to become a freelancer is to ask yourself a few questions.
- How much at ease are you when it comes to handling multiple roles or working with multiple clients concurrently?
- Are you self-driven so you may complete projects on your own?
- How well do you work in the absence of supervision?
- How good are you at adhering to deadlines?
- Are you good enough at your job for people to hire you?
What Do Your Finances Look Like?
While it might be tempting to shift from a full-time job to being a freelancer, it is important that you take a close look at your existing financial situation. For instance, if you have a mortgage, how do you plan to keep making timely repayments if you don’t have a steady source of income? People who have partners or spouses need to look at their joint finances and arrive at a decision in agreement with each other. Having some kind of a buffer before taking the leap is always a good idea.
Weigh the Pros and Cons
Not everything in the life of a freelancer is hunky-dory. Here are some of the pros and cons of living life as a freelancer.
- Ability to work at any time and from anywhere
- Easy to take holidays
- Feeling of ownership toward your work
- Can choose to decline projects
- No more travelling to and from work
- Office-wear becomes a thing of the past
- No employer-sponsored medical benefits
- No unemployment benefits
- No paid leaves
- Possible feeling of isolation
Testing the Waters
Freelancers come from different fields, so you need to start by identifying what skill set you have to offer. Some of the popular freelancing alternatives include:
- Content writing
- Customer service
- Graphic designing
- Internet marketing
- Legal assistance
- Software development
- Video editing
- Virtual assistance
- Voice over recording
- Web designing or development
Once you identify the skill set, consider turning to online marketplaces that connect freelancers with employers who need their services. Some of the top options include:
If you work with international clients, you might end up losing part of your earnings owing to poor currency exchange rates and steep fees. In such a scenario, consider using the services of specialist international money transfer companies with multi-currency virtual (and local) receiving accounts such as Payoneer, TransferWise Borderless Account and WorldFirst World Account. An additional bonus is if you need to pay suppliers in the same foreign currency. Use the balance in the virtual multi-currency account and avoid getting double tapped for currency exchange and transfer costs.
If you’re thinking about going the freelancing way, consider giving it a test run while you still have a full-time job. This should give you an indication of whether you’re up for the challenge. Weigh the pros and cons carefully, and pay due attention to your finances. If you feel you’re ready to make the move, good luck!
About the Author
Gavan Smythe is the founder of iCompareFX. This online platform gives you the ability to compare the world’s best international money transfer companies across different services and features. When he’s not busy with work, Gav likes spending time at home with his loved ones.